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Bankruptcy

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U.S. stocks traded higher with the Dow Jones gaining over 50 points. The ADP reported that private businesses in the U.S. added 89,000 workers in September, the least since Jan. 2021, and below market estimates of 153,000. Shares of Conduit Pharmaceuticals, Gaucho Group Holdings, and Vivos Therapeutics rose significantly, while shares of Kineta, A10 Networks, and Molekule Group fell. Molekule Group and its subsidiary have filed for Chapter 11 bankruptcy.

Portfolio Pulse from Lisa Levin

October 04, 2023 | 1:44 pm

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Sam Bankman-Fried, former cryptocurrency magnate, has sued his insurer, Continental Casualty Company (CNA), for not covering his legal expenses related to his fraud defense. The lawsuit highlights his involvement in multiple legal and regulatory proceedings due to the downfall of his crypto platform, FTX (CRYPTO: FTT). Bankman-Fried has been incurring escalating legal expenses since the bankruptcy declaration of FTX in late 2022. He had indicated his openness to part with Robinhood (NASDAQ:HOOD) shares valued at approximately $500 million in exchange for access to FTX's D&O insurance coverage.

Portfolio Pulse from Murtuza Merchant

October 03, 2023 | 7:53 pm

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Molekule Group and its subsidiary have filed for Chapter 11 bankruptcy and will operate as a debtor in possession. They are seeking a $5M credit facility from DIP lenders including Foundry Group Next, Armistice Capital Master Fund, SVBC, and Bridge Coast Capital.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 7:31 pm

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The potential successor to the defunct cryptocurrency lender, Celsius (CRYPTO: CEL), plans to restart the business with an initial funding of up to $450 million in cryptocurrency, pending court approval. The entity, temporarily named NewCo, aims to commence reimbursement to clients with assets locked following Celsius's downfall in June 2022. The investment group Fahrenheit will oversee NewCo's operations and has pledged an investment of up to $50 million for an equity position in the venture. NewCo also plans to be publicly traded on the Nasdaq.

Portfolio Pulse from Murtuza Merchant

October 03, 2023 | 6:37 pm

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Sam Bankman-Fried, the founder of FTX (CRYPTO: FTT), is on trial for alleged financial misconduct, including market manipulation, fraud, and regulatory evasion. The charges have sent shockwaves through the crypto community and have led to FTX's bankruptcy. The trial could set a precedent for stricter regulations and oversight for crypto exchanges and other entities.

Portfolio Pulse from Murtuza Merchant

October 03, 2023 | 3:09 pm

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Scilex Holding Company (NASDAQ:SCLX) has provided notice to all record holders and beneficial owners of restricted shares of Scilex common stock that were part of the previously announced dividend of Scilex common stock then-held by Sorrento Therapeutics, Inc. (OTC:SRNEQ). The notice is related to the ongoing bankruptcy proceedings of Sorrento and the illegal naked short selling of Scilex common stock. Scilex has proposed a solution for short sellers to cover their positions and avoid any continuing fees, interest, and other expenses associated with any short positions.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 1:11 pm

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Zymergen, a subsidiary of Ginkgo Bioworks, has filed for Chapter 11 bankruptcy. Ginkgo, which is not filing for bankruptcy, ended Q2 2023 with $1.1 billion in cash and remains well-capitalized. Ginkgo has also entered into an asset purchase agreement with Zymergen to acquire exclusive rights to most of Zymergen's intellectual property assets and certain other assets.

Portfolio Pulse from Charles Gross

October 03, 2023 | 10:59 am

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US stocks traded mostly lower with the Dow Jones falling over 150 points. Crude oil fell by 2.1% and gold by 1%. AERWINS Technologies Inc. (AWIN) shares rose by 76% as the company considers strategic alternatives for its non-core operations. IceCure Medical Ltd (ICCM) shares rose by 57% after new data validated its ProSense Cryoablation as a safe and effective outpatient procedure for breast cancer. Pitney Bowes Inc. (PBI) shares rose by 13% after announcing a leadership transition. SmileDirectClub, Inc. (SDC) shares dropped by 62% after filing for Chapter 11 bankruptcy. Intelligent Bio Solutions Inc. (INBS) shares fell by 56% after announcing pricing of a $4,000,000 underwritten public offering. Enerflex Ltd. (EFXT) shares fell by 23% after announcing a CFO transition.

Portfolio Pulse from Lisa Levin

October 02, 2023 | 6:25 pm

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U.S. stocks traded mixed with the Nasdaq Composite gaining and the Dow and S&P 500 falling. The ISM manufacturing PMI increased to 49 in September, above market estimates. AERWINS Technologies, IceCure Medical, and Invitae Corporation saw their shares rise after positive company news. SmileDirectClub, Intelligent Bio Solutions, and Enerflex saw their shares drop due to negative company news. Gold and oil prices fell.

Portfolio Pulse from Lisa Levin

October 02, 2023 | 4:05 pm

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SmileDirectClub Inc (NASDAQ:SDC) has filed for Chapter 11 bankruptcy, causing its shares to trade lower. The company plans to continue operations during the bankruptcy process, with its founders committing to invest at least $20 million. Additional capital of up to $60 million is available upon meeting certain conditions. The company's shares were down 54.4% at 19 cents at the time of the news publication.

Portfolio Pulse from Adam Eckert

October 02, 2023 | 12:45 pm